News

POSITIVE RESULTS FOR TRAVELODGE

TRAVELODGE, WHICH CLAIMS to be the UK's fastest growing hotel company, saw a 19 per cent increase in revenue in 2008.

Total for the year was up from £243.8 million to £289.7m, while pre-tax earnings rose 11 per cent to £57.9m. The company sold around six million roomnights and achieved a system-wide occupancy rate of 74 per cent.

"In a more worrying financial period for consumers, the forecasted structural change of the industry has accelerated with business and leisure customers switching from-mid scale and upmarket hotels to the budget sector," says Grant Hearn, the budget chain's chief executive.

"While trade remains challenging, we are beginning to see an improvement in trading performance which we would expect to continue throughout the summer holiday period."

Travelodge ended 2008 with 368 hotels totalling 26,148 rooms, and plans to open a further 25 this year - 16 of which (1,636 rooms) are already under construction.